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Motorola managed to find a company willing to purchase its wireless network business, and that company is Nokia Siemens, who has agreed to cough up $1.2 billion for it, the two companies announced this week.
"This is an exciting acquisition that I believe has significant benefits for customers, employees and our shareholders," said Rajeev Suri, Chief Executive Officer of Nokia Siemens Networks. "Motorola’s current customers will continue to get world-class support for their installed base and a clear path for transitioning to next generation technologies while employees will join an industry leader with global scale and reach. Nokia Siemens Networks will see the benefits of a deal that is expected to enhance profitability and cash-flow and to have significant upside potential."
The deal nets Nokia around 50 more customers, while also strengthening its position with China Mobile, Clearwire, KDDI, Sprint, Verizon, and Vodafone, Nokia said.
As part of the deal, Motorola will shuttle about 7,500 employees to Nokia, including large research and development sites in the U.S., China, and India.
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